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ION Energy Acquires New Lithium Pegmatite Project Located in the Yellowknife Pegmatite Province
Highlights Bliss Lake Lithium Project is 5,798 hectares in area and totals five contiguous li...
About this update from Osiris One Metals Ltd.
[{"type":"text","content":"ION Energy Acquires New Lithium Pegmatite Project Located in the Yellowknife Pegmatite ProvinceHighlightsBliss Lake Lithium Project is 5,798 hectares in area and totals five contiguous licences;Less then 15km from Li-FT Power Ltd's \"Road Access Group\" where numerous lithium bearing pegmatites have been identified and sampled with over 1% Li2O;Numerous pegmatite occurrences identified from Landsat images on the Bliss Lake Project the largest of which is interpreted to be over 300 metres in strike length;30 kms from Yellowknife, 5 kms from road networks; andExploration to commence immediately.Toronto, Ontario--(Newsfile Corp. - May 11, 2023) - ION Energy Limited (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) (\"ION\" or the \"Company\") announces that it has signed a definitive agreement to acquire the Bliss Lake Lithium Pegmatite Project in NWT, Canada in an all equity, milestone driven transaction, which ultimately allows the seller to reach a 5% ownership interest in the Company.The immediate consideration for the acquisition will consist of two equity tranches. The first tranche will be a value of $150,000 of the Company shares at a deemed value of $0.35 and the second tranche will have a value of $350,000 of Company shares at a deemed value of $0.35 subject to a 4 month hold period. The Company will also grant to the seller a 1.0% Net Smelter Royalty (NSR), with the Company having the right to repurchase one half of the NSR at any time for $500,000.The Bliss Lake Lithium Project encompasses 5,798 hectares and is located between 13-15 km away from lithium properties held by Li-FT Power Ltd. (see Li-FT Power press release dated Dec. 20, 2022 as filed on SEDAR) and 20km from Patriot Battery Metals Inc. (see PMET's MD&A report dated 30 June 2022 as filed on SEDAR). Investors should note that exploration results of third parties in the vicinity are not indicative of potential results at the Company's project.Lithium bearing pegmatites in the Yellowknife area are well documented in the published literature and in the records on file with the Mineral Resources Division, Canadian Department of Energy, Mines and Resources, Ottawa. The significant resources occur as steeply dipping tabular, unzoned pegmatite dikes of Pre-Cambrian age dated 2200 million years. The numerous pegmatites are localized in metamorphic aureoles of knotted schists...